Tax deduction

[kelly_brooks]

Tax deductions reduce how much you owe in taxes by decreasing your income. This can put you down into a lower tax bracket, and that means that you will owe less in terms of taxes.

[speedracer]

I really hate tax deductions.. Businesses are having a hard time now because of these deductions.. why keep on increasing. ??

[Alicejones247]

TDS (Tax Deduction at Source) is one of the modes of collecting Income tax from all earning individuals who are liable to pay direct taxes. Such collection of tax is effected at the source when income arises or accrues. Hence where any specified type of income arises or accrues to any one, the Income-tax Act enjoins on the payer of such income to deduct a stipulated percentage of such income by way of Income tax and pay only the balance amount to the recipient. The tax so deducted at source by the payer, has to be deposited in the Government treasury to the credit of Central Govt. within the specified time. The tax deducted from the income of the recipient is deemed to be payment of Income tax by the recipient at the time of his assessment.